Twitter operates a social network of the same name. Shares of the company rose more than ten percent after it was informed that Dorsey was about to resign, later erasing part of the gains.
“I decided to leave Twitter because I believe the company is willing to sever ties with its founders. My trust in Paraga as Director of Twitter runs deep. His work over the past 10 years has been transformative. I am deeply grateful for his capabilities,” Dorsey said in a statement.
Agrawal was born in India. He joined Twitter in 2011. Since October 2017, he is working as Artistic Director. He studied at the Indian Institute of Technology, Mumbai and Stanford University.
Investment firm Elliott Management, a Twitter contributor, sought to replace Dorsey as CEO last year. But then she agreed with the company’s management. Dorsey is also the CEO of his digital payments company, and Paul Singer, founder of Elliott Management, questioned whether Dorsey should run the two publicly traded companies. And demanded that he step down from the position of CEO of one of them.
The new CEO has the difficult task of meeting the company’s challenging internal goals. Earlier this year, Twitter said it wanted 315 million daily users to see the ad by the end of 2023. Reuters said it wanted to double its sales of at least $7.5 billion (170.5 billion CZK).
Konflikt s Trumpem
Twitter got into a difficult situation before the US presidential elections in 2020. Former US President Donald Trump denied access to his account, and Dorsey defended the move by saying that the January 6 congressional riots and Trump’s tweets after the incident led to security threats. In July, Trump sued the company, along with Facebook and YouTub, on suspicion of censorship.
Dorsey is one of the founders of Twitter. The beginnings of the company are associated with his first tweet, which he sent in March 2006. In 2007 he became CEO, but the following year he had to leave. He returned to his position in 2015.
Twitter lost ground in the third quarter due to the extraordinary costs of settling the lawsuit. However, sales increased due to interest in advertising sales worldwide.
The company’s losses during the period from July to September amounted to 536.8 million dollars, compared to profits of 28.7 million dollars in the same period last year, and sales rose 37 percent to 1.28 billion dollars. Of this, advertising revenue was $1.14 billion. The average daily number of users who see an ad increased by 13 percent year-over-year to 211 million.
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